Courtesy of Benzinga.
Platinum Underwriters Holdings, Ltd. (NYSE: PTP) today announced that it expects major catastrophe losses will have a net negative impact of approximately $24.8 million on the Company’s results for the quarter ended March 31, 2012. The estimated net negative impact relates primarily to severe weather, including tornadoes and hailstorms in Kentucky and Tennessee, referred to as Property Claims Services Catastrophes 66 and 67. The net negative impact from these events includes preliminary estimates of losses and loss adjustment expenses, reinstatement premiums and taxes.
The Company does not currently anticipate any material impact to its first quarter results from major catastrophe events that occurred in 2011 and prior years.